Gold Selloff Pauses as SPX 500 Aims to Surpass 2000.00 Figure

By DailyFx | August 24, 2014 AAA

DailyFX.com -

Talking Points:

  • US Dollar Sets New Six-Month High as Rally Regains Momentum
  • S&P 500 Continues to March Upward, Aiming to Surpass 2000.00
  • Gold Stalls Above Channel Support, Crude Oil Trying to Bottom

Can’t access the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **

US DOLLAR TECHNICAL ANALYSIS – Prices continue to push upward as expectedafter putting in a Bullish Engulfing candle pattern, rising to set another six-month high. A daily close above the 50% Fibonacci expansion at 10652 exposes the 61.8% level at 10677. Alternatively, a move below the 38.2% Fib at 10627 opens the door for a challenge of the 23.6% expansion at 10595.

Gold Selloff Pauses as SPX 500 Aims to Surpass 2000.00 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.

S&P 500 TECHNICAL ANALYSISPrices are aiming to extend upward after clearing resistance in the 1985.30-91.40 area marked by the 50% Fibonacci expansion and the July 24 high, with the bulls targeting the intersection of a formerly broken channel floor and the 61.8% level at 2006.80. A further push beyond that aims for the outer boundary of the index’s long-term uptrend at 2023.50. Alternatively, a turn back below 1985.30 targets the 38.2% Fib at 1963.70.

Gold Selloff Pauses as SPX 500 Aims to Surpass 2000.00 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are testing support at 1272.98, the 76.4% Fibonacci expansion. A break below this barrier on a daily closing basis exposes a falling channel floor at 1267.98, followed by the 100% level at 1257.63. Alternatively, a reversal above the 61.8% Fib at 1282.47 targets the 50% expansion at 1290.15.

Gold Selloff Pauses as SPX 500 Aims to Surpass 2000.00 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices is attempting to inch higher as expected after showing positive RSI divergence on a test of support at 101.61, the 61.8% Fibonacci expansion.A daily close above 102.94, the intersection of the 50% level and a falling trend line set from mid-June, targets the 38.2% Fib at 104.28. Alternatively, a break below 101.61 exposes the 76.4% expansion at 99.96.

Gold Selloff Pauses as SPX 500 Aims to Surpass 2000.00 Figure

Daily Chart - Created Using FXCM Marketscope 2.0

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